March 26 (Bloomberg) — Jubilee Holdings Ltd., which owns insurers in Kenya, Uganda and Tanzania, said full-year profit rose 17 percent and announced plans to expand into five African countries.
Net income climbed to 616.8 million shillings ($9.61 million) in the 12 months through December, from 528 million shillings a year earlier, according to a statement given to reporters today in the capital, Nairobi. Revenue increased 28 percent to 4.6 billion shillings.
“This exceptional performance was achieved on the back of excellent growth across all territories and lines of business,” Chairman Nizar Juma said in the statement.
Jubilee plans to begin operating in Senegal, Ivory Coast, Burkina Faso, Rwanda and Mozambique, Juma said in an interview. In some countries, the company will set up new operations, while in others it will consider mergers, acquisitions or partnerships, he said, without providing details.
“Negotiations are continuing in many countries,” he said. “We are hoping that at least one of these deals will be concluded this year.”
Jubilee is an affiliate of the Aga Khan Fund for Economic Development, the economic arm of the Aga Khan Development Network.
Ismailimail 